DJ PRECIOUS METALS: NY Gold Seen Down $11, Silver Down 17 Cents
April gold futures are expected to open floor trading
in New York around $11 an ounce lower Friday, based on electronic activity
ahead of the pit session at the Comex division of the New York Mercantile
Exchange. March silver is expected to be down about 17 cents an ounce.
At 7:51 a.m. EST, spot gold was trading down $7.92 to $938.15. In overnight
activity, spot gold retreated Friday after hitting a six-month high, as longs
booked profits ahead of the Group of Seven leading industrial nations summit
this weekend.
Traders remained upbeat about gold's near-term prospects, as demand for gold
exchange-traded funds remains undimmed.
U.S. economic reports Friday include the February preliminary
Reuters/University of Michigan Consumer Confidence Index at 9:55 a.m. EST (1455
GMT), with the mid-month sentiment index expected at 60.
Comex gold warehouse stocks were down 32 ounces at 8,429,022 ounces Thursday,
while silver stocks were down 904,856 ounces at 124,339,343 ounces.
